Pre-open Monday 3rd August
Although the market is overbought by most measures (e.g. 85% of stocks in my Nyse list are above their 50day ma) it hasn’t auctioned high enough to attract a response from the Significant Sellers. We’ve seen eighteen days now without Significant Selling.
First Level S/R moves to ES 986 for Monday (ES trades above that level 30 minutes before open).
973.5 is a good reference level this week. This is the 5dayPOC as shown on the chart. Significant support should be provided at this level if tested this week
